20 Nov Opening the door to success
Some of you may be wondering, “What’s turnkey design and how is it relevant to my business?”
It’s very simple, turnkey refers to something that is ready for immediate use. Turnkey design bonds design and manufacture into a singular, extremely valuable commodity enabling an engaged business to gain serious traction.
We’re aware that a lot of companies have relative success operating the same way they always have. Often, they see no reason to change. However, the penny suddenly drops once they understand just how serious the threat of new competition is. Business leaders become increasingly hot under the collar when they realise they’re unsure exactly how to displace their competitors. Focusing on design is a step in the right direction and is certainly more beneficial than engaging in a price war.
Missed opportunities quickly stack up, usually with devastating consequences.
What’s driving you to change?
Perhaps nothing yet… Maybe you’re sitting there with a smug grin thinking, ‘Thank goodness, we chose to improve our products a few years ago, we’ve always been ahead of the curve.’
That’s all well and good. However, consumer trends are evolving faster than ever. More importantly, your competitors are developing new strategies. Large corporations who are battling for a small percentage of their own market are choosing to diversify into new untapped markets. This often results in market domination, leaving little room for SME’s to fight back.
You know what they say? – Prevention is better than cure
A few years downtime is enough for your competitors to brief their teams, conduct essential research, develop a new product and launch. Trust us, it’s not worth taking your eye off the ball.
‘Alright, we’re on the same page now. What’s next?’
First, take a step back and identify your main driving force? Is it your vision to become market leader? Or perhaps you’re aiming to snap up your share of a new market. Whatever your reasoning, if you believe your vision will cost too much and you cannot afford it. Your business will remain stagnant. Realise change must take place eventually…So, take it step by step.
Keep an open mind to progressive ideas. You may already have an internal R&D department or small design team. Maybe you don’t! Either way, engaging an external consultancy who have fresh ideas, tonnes of enthusiasm and a breadth of knowledge will work wonders for your team and business. It’s common knowledge that idea generation and the innovation process are limited when starved of human resource. Collaboration is key here. This alliance could be the difference between a product which looks and feels like the rest. Or one that solves the problem, reflects your brand and sells itself.
We’re often asked, ‘But I’ll be faced with an additional cost if I use an external consultancy. Will it be worth it?’ It is, this is an effective way to reignite enthusiasm and ensures everyone is engaged with your shared vision. The in-house teams we work in collaboration with have learnt valuable skills on the fly whilst simultaneously breaking down the ‘design-rut’ they’ve come to find themselves in.
What budget have you allocated for your project?
When asked this, don’t feel so disconcerted. Realise that if your budget is too small, the ambition for your product is probably too high. It would be a grave mistake to make a U-turn on the design process simply because of cost. Instead of asking what the cost of design is, start by asking what the predicted revenue is if you choose to engage.
If you’re unsure about alternative sources of funding for your new project, read our crowdfunding article.
What revenue can I expect if I do engage in the design process?
Here’s how you can work it out:
There is a very easy way to work this out. Look below, the higher the value of X, the more important it is to engage with the design process.
X = Number of potential units sold – production costs (design, tooling, and manufacture)
OK then. let’s talk business.
Let us reiterate, investing in design is less stressful, cheaper and more commercially viable than engaging in a price war. A lot of companies believe that by investing as little as possible in the design process, they’re able to undercut their competitors. Sure, they can, but how long until a competitor matches their pricing, and launches a superior product? For a product to be successful at market it needs to engage with the customer on a deeper level.
An amazingly designed product can communicate its benefits to a potential buyer without the need of a salesman. A poorly designed product will need a fleet of relentless sales reps who will inevitably rant endlessly about the pricing and ‘amazing value.’ You don’t have to be Einstein to work out which product the potential buyer would choose.
You would be amazed how quickly businesses who engage with turnkey design can react appropriately to new, unforeseen threats.
Make sure your customers choose you. Invest in a collaborative partner that designs specifically for manufacture, one that can open the door to success through turnkey design.